Where should I be on closing day?
Your home purchase or sale is one of the biggest financial transactions of your life. Closing day is a crucial day, when the deal finally closes. There are many moving parts on closing day, and things can arise that have to be dealt with at the last minute. Here are some of the reasons we urge our clients to be in town and near their phone to deal with last-minute issues.
- Additional funds needed: For any number of reasons, the amount of funds we need you to bring in to close the deal can change at the last minute. If we can’t reach you, this can cause a stressful delay.
- Last-minute documents to sign: Sometimes unanticipated bridge financing or even basic mortgage documents arrive at our office at the last minute, and we need you to be available to sign them before the deal can close. Even a minor discrepancy in a name can require last-minute revisions to the documents. If you are out of town or out of reach, this can be a problem.
- Final walkthrough surprises: The buyers have taken their final walkthrough and have some questions: “Where’s the beer fridge? When did this gash on the side of the garage happen? I thought the blinds were staying!” Often, these things can be resolved with a phone call, or a minor amendment to the documents, but if you are somewhere with no phone service on closing day, there can be problems.
And if you absolutely must be out of town on closing day, ensure you have access to a phone and email at the very least, and preferably have the ability to print and scan or fax documents.